The market has been stuck in a tight trading range for the past 2 weeks. But, earnings are still driving individual stocks! Last night, LVS reported a strong quarter. Its stock jumped +8.69% today. WYNN also benefitted from the news, up +2.4%. Credit card stocks sold off today, although V gave a solid quarterly report. V traded down 4.34% while MA lost 2.54%.
This morning, UTHR reported surging profits on increased sales. Its shares popped +7%. Gold miners rose today as gold prices soared in the past 2 months. AEM and ABX both delivered better-than-expected results; their stocks traded up +6.31% and +3.11%, respectively.
After the market, FSLR easily beat its earnings estimates and raised its full-year guidance. However, its shares went down 6.88%. MSFT delivered a strong quarter, trading up +3.5% this evening. EXPE's net income jumped 55% in 3Q, sending its shares up +3.29%. CSTR beat its earnings estimates and gave a strong outlook; its shares vaulted more than +15% in after-hours trading! DECK also surpassed expectations with its earnings report; its shares were up +6.5%.
The Dow was down 12.33 points; SPX added +1.33 points; Nasdaq gained +4.11 points:
GDX (gold miners) jumped +3.08% while both GLD (gold) and SLV (silver) traded higher. UNG (natural gas) rose +3.3%; USO (oil) was flat. OIH (oil services) lost 1.43%. SWH (sofware) climbed almost +1% ahead of MSFT's earnings report. FXI (Chinese ADRs) barely eked out a win.
As mentioned on Tuesday, above 2500 spells a breakout for Nasdaq. Tech stocks continue to push higher. On the other hand, with energy and mining stocks relatively weak, SPX had been stuck in a tight range. While profit-taking has been seen on many stocks, better-than-expected earnings kept on coming in and push new stocks to new heights. However, VIX is staying near 21, signaling caution. Financials still have not participated much in this rally, although GS broke out today, rising +3.09, almost +2%, to close at $163.24. The dollar has also been influencing the market. Gold bounced today on the falling dollar, indicating money is still staying in the markets.